Minnesota Power Employees Credit Union Mortgage Rates, Fees & Info

Duluth, MN

LEI: 254900J9CE43FKIA7D19

Tax ID: 41-0418235

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Minnesota Power Employees Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Minnesota Power Employees Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Brainerd, Grand Rapids, and Chattanooga among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Minnesota Power Employees Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    31

    Origination Dollar Volume (All Markets)

    $3,975,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    DULUTH, MN-WI (FHA|USDA|VA) 28 $3,540,000 $126,429 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    Grand Rapids, MN (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
    Minnesota Power Employees Credit Union's top markets include Duluth, Brainerd, Grand Rapids, and Chattanooga among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 31 $3,975,000 $128,226 $0 0.00%

    For 2018, Minnesota Power Employees Credit Union's most frequently originated type of loan was Conventional, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 16 $2,120,000 $132,500 $0 0.00%
    Home Purchase 11 $1,685,000 $153,182 $0 0.00%
    Home Improvement 4 $170,000 $42,500 $0 0.00%

    For 2018, Minnesota Power Employees Credit Union's most frequently cited loan purpose was Refi, with 16 originations. The 2nd most popular reason was Home Purchase, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 31 $3,975,000 $128,226 $0 0.00%

    For 2018, Minnesota Power Employees Credit Union's most frequently cited loan duration was Other, with 31 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 20 $2,930,000 $146,500 $0 0.00%
    $100,000 or less 9 $585,000 $65,000 $0 0.00%
    $200k-400k 2 $460,000 $230,000 $0 0.00%

    2018 saw Minnesota Power Employees Credit Union place emphasis on $100k-200k loans with 20 originations, totaling $2,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $2,020,000 $144,286 $0 0.00%
    $50k-75k 8 $1,060,000 $132,500 $0 0.00%
    $75k-100k 5 $435,000 $87,000 $0 0.00%
    $150k-250k 2 $290,000 $145,000 $0 0.00%
    $50k or less 2 $170,000 $85,000 $0 0.00%

    Minnesota Power Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $50k-75k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 31 $3,975,000 $128,226 $0 0.00%

    Minnesota Power Employees Credit Union lent most frequently to those with DTI ratios of Exempt%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 30 $3,730,000 $124,333 $0 0.00%
    Not provided 1 $245,000 $245,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.22%

    Minnesota Power Employees Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    87.10%

    Minnesota Power Employees Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 31 $3,975,000 $128,226

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 31 $3,975,000 $128,226